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obama let the nation fall off the fiscal cliff. >> republicans need to acknowledge reality here. rates have to go up. earlier in the presidency, obama warneded it could hurt the economy. >> the nation is no longer in recession. and american manufacturing contracted in november for the first time in three months. the president is concerned enough that he proposed tens of billions in new stimulus spending in the debt talks. >> what is the justification for raising taxes? >> the fact of the matter is that it's vitally important that we extent and the president's view make permanent tax cuts for 98% of the american people. >> the president would like to see it done tomorrow and would sign it right away. >> they will put for ending deduction and closing loopholes. >> republicans move a great deal. who was the first person after the election was the speaker who went down and provided the re-knew. >> they blasted the proposal to limit deductions to tell bloomberg television it's unrealistic. >> that means every hospital and university and non-for profit, the agency. across the country w
obama let the nation fall off the fiscal cliff. >> republicans need to acknowledge reality here. rates have to go up. earlier in the presidency, obama warneded it could hurt the economy. >> the nation is no longer in recession. and american manufacturing contracted in november for the first time in three months. the president is concerned enough that he proposed tens of billions in new stimulus spending in the debt talks. >> what is the justification for raising taxes?...
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and you know, there are some taxes that would go up if we two off the fiscal cliff. you're talking about a family that makes about $50,000 having a tax increase of $4,000. melissa: congresswoman, this drives me crazy. when we look at all the numbers we immediately start taing about taxes. it seems like we're looking for revenue under every single rock. that's fine. even if we raised taxes that are proposed by the white house, it will raise $82 billion. it is one half of 1% of the problem. have a $16.3 trillion debt. all of this talk about raising taxes doesn't get us even close to solving the problem. it doesn't even start the conversation. it is not a drop in the bucket. we've got to reform our spending or grow the economy. but just raising taxes isn't going to do it. >> well, i agree with you 100%. that's why the president as well as the democrats have called for a balanced approach. so of course we can't raise enough taxes to completely deal witthe deficit. and you do have to do reforms. you need to reform the tax system. you certainly need to make additional cuts
and you know, there are some taxes that would go up if we two off the fiscal cliff. you're talking about a family that makes about $50,000 having a tax increase of $4,000. melissa: congresswoman, this drives me crazy. when we look at all the numbers we immediately start taing about taxes. it seems like we're looking for revenue under every single rock. that's fine. even if we raised taxes that are proposed by the white house, it will raise $82 billion. it is one half of 1% of the problem. have...
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. >> the white house rejects a republican counter plan to avoid that "fiscal cliff." >> rates have to rise and the republicans need to acknowledge that. that's the only way to get from here to there. >> from across the bay to around the world -- >> obviously, you know, we want a family, so, uhm, you know, we have to start thinking about that. >> -- the stories that matter on "eyewitness news this morning." >> your realtime captioner: linda marie macdonald captions by: caption colorado comments@captioncolorado.com >>> good morning, it's tuesday, december 4. i'm michelle griego. >> hi, everyone. i'm frank mallicoat. it is 6:32. a huge pot bust at a home in east san jose. this morning neighbors reported a burglary happening at a home on the 1300 block of sandalwood court. when police got there they found the front door open. they entered the home and discovered an elaborate grow house there. we have live pictures of the house here. in fact, officers say there was no furniture inside the home at all just about 300 pot plants with a street value of $125,000. and because of all the chemical
. >> the white house rejects a republican counter plan to avoid that "fiscal cliff." >> rates have to rise and the republicans need to acknowledge that. that's the only way to get from here to there. >> from across the bay to around the world -- >> obviously, you know, we want a family, so, uhm, you know, we have to start thinking about that. >> -- the stories that matter on "eyewitness news this morning." >> your realtime captioner: linda...
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Dec 1, 2012
12/12
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no matter how close the country comes to plunging off the fiscal cliff, topped a visors say the president will not budge until republicans acknowledge they will keep tax rates where they are for middle income families and raise them on households earning more than $250,000 a year. >> in washington nothing's easy so there's going to be prolonged negotiations. and all of us are going to have so get out of our comfort zones to make that happen. g'm willing to do that. i'm hopeful that enough members of con willing to do that as well. we can solve these problems. but where the clock is really ticking right now is on middle- class taxes. >> reporter: but the clock isng. the cold political reality is this: mr. obama is now on record seeking twice as much in higher tax revenue than the democratically controlled senate passed earlier this year with only 51 votes. tax increases that cannot pass ase senate have no chance in the house republican conference, which is why republicans regard the president's proposal and his heech today as more static than substance. >> pelley: major, thank you. well, t
no matter how close the country comes to plunging off the fiscal cliff, topped a visors say the president will not budge until republicans acknowledge they will keep tax rates where they are for middle income families and raise them on households earning more than $250,000 a year. >> in washington nothing's easy so there's going to be prolonged negotiations. and all of us are going to have so get out of our comfort zones to make that happen. g'm willing to do that. i'm hopeful that enough...
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Dec 6, 2012
12/12
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in effort to avoid the fiscal cliff. >> let's allow higher rates to go up for the top 2% that include all of you, ewhy. >> the bet business leaders in washington, d.c. after word he spoke by phone john boehner. they provide new details to the conversation. the republican plans include $60 billion in spending cuts to federal healthcare programs. >> we have to cut spending and i believe it's appropriate to put rev news on the. >> speaker boehner says his plan will bring in $800 million in new tax revenue. >>> on wall street stocks closed mix. nasdaq fell by 22. led by apple. analyst today suggests am could lose ground to competing android products. >>> big cuts coming to cityback. 11,000 jobs worldwide. that'll save more than a billion dollars a year in expense. bank plans to scale back consumer operation in other country. not sure how many jobs cut in the u.s. >>> and the annual tree lighting ceremony. >>> the tree lying with a help of ten-year-old boy who has autism. the tree is a 50-footal white fir. it's decorated with onments made by disabled children and adults. >>> and more one w
in effort to avoid the fiscal cliff. >> let's allow higher rates to go up for the top 2% that include all of you, ewhy. >> the bet business leaders in washington, d.c. after word he spoke by phone john boehner. they provide new details to the conversation. the republican plans include $60 billion in spending cuts to federal healthcare programs. >> we have to cut spending and i believe it's appropriate to put rev news on the. >> speaker boehner says his plan will bring in...
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Nov 30, 2012
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the biggest issue that's causing the fiscal cliff is the tax rates going up on the middle class. especially in this time now when we're getting out of this recession. we're seeing some robust growth. we want the christmas sales to be good. if the middle class knew that they're going to keep their tax cut, it would put a smile on everybody's face. and both parties can take credit for it. why won't they do it? there's only one answer. they're obsessed with protecting billionaires and millionaires. it's a sad state of affairs. >> one thing that we've seen in the days leading up, at least through this week, that there has been optimism from both sides expressed by speaker boehner, also by the president, and also republican tom cole, congre congressman, seem to be on board. now we have conservatives like charles krauthammer putting out their pieces saying let's go over the fiscal cliff, let the president do this. then john cornyn, republican from texas, saying apparently the president wants us to go over the fiscal cliff. this is serious business, demanding higher taxes, more stimulus
the biggest issue that's causing the fiscal cliff is the tax rates going up on the middle class. especially in this time now when we're getting out of this recession. we're seeing some robust growth. we want the christmas sales to be good. if the middle class knew that they're going to keep their tax cut, it would put a smile on everybody's face. and both parties can take credit for it. why won't they do it? there's only one answer. they're obsessed with protecting billionaires and...
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Dec 7, 2012
12/12
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we expect add big impact from the fiscal cliff and the labor department said no, we did not but labor participation rate, look at this ugly chart the it is declining. we have the rate drop again in large part because the labor force fell by 350,000. we are watching that carefully because you want to see people work. and try to get jobs. it is critical. >>shepard: what impact did super storm sandy? >>gerri: not so much. however, there were a million people that were working part time rather than full time and that is ascribed to hurricane sandy. normally you do not expect that. >>shepard: the matters went, so what. >>gerri: well, they saw that the 350,000 number and they thought they didn't like that and the market pulled back a little. we have had back-and-forth situation on that, starting off 74 up on the dow and now we are down. >>shepard: better than negative. >>gerri: better than negative. >>shepard: millions of american jobs potentially on the line if lawmakers do not get their act together. house of representatives speaker boehner says there is in progress in talks to avoid the
we expect add big impact from the fiscal cliff and the labor department said no, we did not but labor participation rate, look at this ugly chart the it is declining. we have the rate drop again in large part because the labor force fell by 350,000. we are watching that carefully because you want to see people work. and try to get jobs. it is critical. >>shepard: what impact did super storm sandy? >>gerri: not so much. however, there were a million people that were working part time...
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Dec 5, 2012
12/12
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but it's also important to remember that the fiscal cliff isn't only tax rates and spending cuts. the fiscal cliff also includes the nation's agriculture policy, which expires at the end of the year. it includes patches to medicare formulas. patches to social security formulas. so this is a huge mess of issues. we're not even talking about those issues yet. congressional negotiators and the white house aren't talking about these huge host of other issues that are on the table. the thought is if they can get past tax rates and spending cuts, then they will be able to deal with the peripheral issues. but we don't have much time. if a deal isn't reached or a framework isn't reached in the next week or, so it's going to be a big problem. >> all right, thanks for that. good to see you. > >>> nokia -- we'll tell you more when we come back in a few moments. [ male announcer ] this december, remember -- ♪ you can stay in and like something... ♪ [ car alarm deactivates ] ♪ ...or you can get out there with your family and actually like something. ♪ the lexus december to remember sal
but it's also important to remember that the fiscal cliff isn't only tax rates and spending cuts. the fiscal cliff also includes the nation's agriculture policy, which expires at the end of the year. it includes patches to medicare formulas. patches to social security formulas. so this is a huge mess of issues. we're not even talking about those issues yet. congressional negotiators and the white house aren't talking about these huge host of other issues that are on the table. the thought is if...
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so when it comes to the fiscal cliff, our young voters more than ever want to make sure that our republicans and our candidates that are putting forth the message of working together to get this problem solved. i think whether you look at this simpson bowles plan or other things, we need to make sure we're work together and putting these important issues forth. >> rick: let's talk about entitlement reform. that's another topic that's very important for republicans and they have said that the leadership in washington, they want to hear the president. they want to hear democrats talk about entitlement reform. are young republicans in favor of a partial or whole privatization of our entitlement program? would young republicans be open to the idea of privatizing social security and things like that? >> our republicans on campus have traditionally expressed support for cutting spending. they can see that the current climate that we're in of overspending and simply not having enough revenue and increasing our deficit is just not a tenable plan for the future, especially as regards to our future em
so when it comes to the fiscal cliff, our young voters more than ever want to make sure that our republicans and our candidates that are putting forth the message of working together to get this problem solved. i think whether you look at this simpson bowles plan or other things, we need to make sure we're work together and putting these important issues forth. >> rick: let's talk about entitlement reform. that's another topic that's very important for republicans and they have said that...
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Dec 6, 2012
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the top senate democrats said they won't consider proposals to saw void the so-called fiscal cliff. not until the gop agrees that tax rates will go up on the wealthiest of americans. they said it from the beginning. president obama visited a family in virginia to layout his case. the white house says it is one of thousands of middle class families facing higher taxes if congress doesn't reach some sort of deal. house speaker insists the republicans will not go along with a higher tax rate for anybody, but an incrowsing number of republicans -- an increasing number of republicans are saying they will have to give in to democrats' demands. you know i read a number of websites that said republicans have waived the white flag on some issues, but not all of them. assuring republicans they don't have to vote for a tax increase. >> and it technically may be correct, but not many are buying this new strategy from the white house since the tax cuts from the middle class and those from the top 2% are both set to expire at the end of the year. the white house says congress really only has to e
the top senate democrats said they won't consider proposals to saw void the so-called fiscal cliff. not until the gop agrees that tax rates will go up on the wealthiest of americans. they said it from the beginning. president obama visited a family in virginia to layout his case. the white house says it is one of thousands of middle class families facing higher taxes if congress doesn't reach some sort of deal. house speaker insists the republicans will not go along with a higher tax rate for...
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fiscal cliff, beyond the fiscal cliff. let me get to this steve. this is about including the debt ceiling. and what the president said about that in this negotiation today. >> we are not going to play that game next year. >> if congress in any way suggests they will tie negotiation to debt ceiling votes and take us to the brink of default once again, part of a budget negotiation, which by the way we have never done in our history until we did it last year. i will not play that game. because we have to break that habit before it starts. >> bret: what about that? >> well, the president had as many red lines for iran as for house republicans. i think what kirsten said is absolutely remarkable. it is about the scalp. it's about the president having made a campaign argument for the better part of 2012. so that he could run a class warfare campaign. now having to make good on that with the base of his party. the u.s. economy be damned. the republicans offered to give so much and offering precisely what erskine bowles laid out as a compromise position in
fiscal cliff, beyond the fiscal cliff. let me get to this steve. this is about including the debt ceiling. and what the president said about that in this negotiation today. >> we are not going to play that game next year. >> if congress in any way suggests they will tie negotiation to debt ceiling votes and take us to the brink of default once again, part of a budget negotiation, which by the way we have never done in our history until we did it last year. i will not play that game....
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investors hope the fiscal cliff in the u.s.a. can be avoided. >> let's get a closer look at friday's trading. with all that uncertainty in washington, traders were playing it cautious. in germany, the blue-chip dax broke a bit of a winning streak, only gaining fractionally. euro stoxx 50 was down on the day. in new york, trading is still under way. it is also not really doing a whole lot today. as for the euro against the dollar, it is above that key $1.30 level, trading for $ 1.3002. unemployment in the eurozone climbed to yet another record in october. and 11.7% of the working age population, about 19 million people, are without a job. in spain, that means one in every four people are out looking for work and a dependent on state aid. >> but it is not all bad news. ireland has managed to turn its major recession around and is now posting gains thanks to a lifeline from the e you. >> two years ago, ireland receive more than 67 billion euros from the eu bailout fund, and the money appears to have helped. the government was able t
investors hope the fiscal cliff in the u.s.a. can be avoided. >> let's get a closer look at friday's trading. with all that uncertainty in washington, traders were playing it cautious. in germany, the blue-chip dax broke a bit of a winning streak, only gaining fractionally. euro stoxx 50 was down on the day. in new york, trading is still under way. it is also not really doing a whole lot today. as for the euro against the dollar, it is above that key $1.30 level, trading for $ 1.3002....
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Nov 29, 2012
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representatives of being sent to capitol hill to find a solution for the impending fiscal cliff today. republicans claim the white house has yet to provide specifics on how the president will curb the rapid growth of programs like medicare and medicaid. the president is insisting that tax rates go up on families that earn more than $250,000 a year. house speaker john major is adamant that any new tax bracket is coming from overhauling the tax code and clearing out tax breaks and lower rates for everyone. it is 9:06 a.m. and we'll be back in a couple of minutes. let's take a live look at bernal heights. this big tree came down and we'll have more on that in a couple of minutes. among take a look at some of this damage from the wind and rain and san francisco's berle heights neighborhood. yoli is on the scene. what street is this on? >> i believe this is virginia street. it is virginia street. i'm just getting confirmation. this jury blancs to this city and it is on the sidewalk here. according to a neighbor they heard a fall around 4:00 a.m.. it was one of those things that history was
representatives of being sent to capitol hill to find a solution for the impending fiscal cliff today. republicans claim the white house has yet to provide specifics on how the president will curb the rapid growth of programs like medicare and medicaid. the president is insisting that tax rates go up on families that earn more than $250,000 a year. house speaker john major is adamant that any new tax bracket is coming from overhauling the tax code and clearing out tax breaks and lower rates for...
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have to go up on the rich, the president is prepared to see the nation go off the fiscal cliff, shep. >> shepard: what's the thinking on whether they can actually come together at some point here, ed? >> right now it's pretty dim. if you look at what speaker john boehner said in that exclusive interview with our own chris wallace on "fox news sunday." he said right now there are nowhere in these talks. other serious republicans like lindsey graham says he thinks we are edging closer to closer to this just being in calamity. >> i think we are going over the cliff. it's pretty clear to me that they made a political calculation. >> he believes we are likely to go of 00 cliff now. the bottom line is tonight the president is hosting congressional leaders for this congressional ball. basically a black tie holiday party. maybe they will start talking about compromise but so far none in site. ed henry live on the north lawn. prince william's wife kate in the hospital because of problems with her just announced pregnancy. just ahead what we have learned about this condition and this new kid c
have to go up on the rich, the president is prepared to see the nation go off the fiscal cliff, shep. >> shepard: what's the thinking on whether they can actually come together at some point here, ed? >> right now it's pretty dim. if you look at what speaker john boehner said in that exclusive interview with our own chris wallace on "fox news sunday." he said right now there are nowhere in these talks. other serious republicans like lindsey graham says he thinks we are...
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cliff. it is a $2.2 trillion offer that does not raise the tax rate on the wealthiest americans and that has become the central issue of the negotiations. the white house says republicans still are not ready to get serious. susan mcginnis is in washington with the back and forth details. susan, good morning to you. >> reporter: good morning, terrell. gop leaders here on capitol hill sent their plan to the white house in this letter on monday, and now that both initial offers are out there, both sides say it's time to get serious. governors from six states are headed here to washington today to tell president obama their thoughts on the fiscal cliff. the bipartisan group says both sides need to work together to avoid the tax increases and spending cuts due to kick in at the end of the year. >> no one's going to get what they want, but as a country to move forward, we've got to figure out who gives where, and if everything is going to be out on the table, how do we negotiate that? >> reporter:
cliff. it is a $2.2 trillion offer that does not raise the tax rate on the wealthiest americans and that has become the central issue of the negotiations. the white house says republicans still are not ready to get serious. susan mcginnis is in washington with the back and forth details. susan, good morning to you. >> reporter: good morning, terrell. gop leaders here on capitol hill sent their plan to the white house in this letter on monday, and now that both initial offers are out...
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Nov 30, 2012
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wall street initially fell after house speaker boehner said there'd been no progress on a fiscal cliff deal. but stocks rose later, on news that the economy grew at an annual rate of 2.7% in the third quarter. the dow jones industrial average gained more than 36 points to close well above 13,021. the nasdaq rose 20 points to close at 3,012. the united nations general assembly voted today to recognize palestine as a non- member observer state. the tally was 138 to nine, with 41 abstentions. the u.s. voted no. it came after palestinian president mahmoud abbas appealed to the world body to issue the birth certificate of palestine. >> we did not come here seeking to delegitimize a state established years ago, and that is israel. rather, we came to affirm the legitimacy of a state that must now achieve its independence, and this is palestine. >> sreenivasan: palestinians said the vote would strengthen their hand in future peace talks with israel. but the israeli ambassador to the u.n., ron prosor, warned that the palestinians are turning their backs on peace. >> for as long as president abb
wall street initially fell after house speaker boehner said there'd been no progress on a fiscal cliff deal. but stocks rose later, on news that the economy grew at an annual rate of 2.7% in the third quarter. the dow jones industrial average gained more than 36 points to close well above 13,021. the nasdaq rose 20 points to close at 3,012. the united nations general assembly voted today to recognize palestine as a non- member observer state. the tally was 138 to nine, with 41 abstentions. the...
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Dec 2, 2012
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>> shannon: as the sparring continues over the fiscal cliff, neither boehner nor geithner can say for certain that the country will not go over the edge. i'm shannon bream. america's news headquarters live from the nation's capital starts right now. >> shannon: we want to get to the budget standoff. peter doocy joins us live. there is time to strike a deal but not a lot. >> reporter: that's right. the speaker of the house john boehner made a point today to say there is not much time between election day and the end of the year. he thinks the white house has already wasted weeks because he does not think the proposal to avoid a fiscal cliff is serious one. negotiations here are nowhere. another republican, senator lindsey graham thinks he thinks things are heading down hill. >> i think we are going over the cliff. it's clear to me they made a political calculation. the offer doesn't deal with the entitlement reform to save the medicare and medicaid and social security from imminent bankruptcy. it raises $1.6 trillion on job creators to destroy the economy. no spending controls. >> repo
>> shannon: as the sparring continues over the fiscal cliff, neither boehner nor geithner can say for certain that the country will not go over the edge. i'm shannon bream. america's news headquarters live from the nation's capital starts right now. >> shannon: we want to get to the budget standoff. peter doocy joins us live. there is time to strike a deal but not a lot. >> reporter: that's right. the speaker of the house john boehner made a point today to say there is not...
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but after the fiscal cliff happens january 1st tax rates go up on everyone so the solution would be vote are for a serious of tax cause. >> i think what's disturbing here you're hearing the same tone creep back in the conversation that we heard before. do you think it's different this time? >> it's identical. i feel like i'm going through this horrible deja vu. this is the fifth time we've been through this. the posturing is the same. the claims of bad faith are the same. then on both sides you have liberals and conservatives, newt gingrich making the case this whole cliff thing was a creation of the other side. you have a group denying this central debate is really worth having right now. none of this feels we're inching towards a deal. >> looking backwards instead of forward. >>> for waterlogged californians this is the calm between the storm. much of the state has been battered by two storms that brought torrential rains, mudslides and flash flooding and storm number three is on its way. carter evans has the latest. >> reporter: as the powerful winter storm moved across the west nevad
but after the fiscal cliff happens january 1st tax rates go up on everyone so the solution would be vote are for a serious of tax cause. >> i think what's disturbing here you're hearing the same tone creep back in the conversation that we heard before. do you think it's different this time? >> it's identical. i feel like i'm going through this horrible deja vu. this is the fifth time we've been through this. the posturing is the same. the claims of bad faith are the same. then on...
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cliff, tax rates go up not just for the rich but for the middle class, for everyone, all those cuts in domestic spending and naths security spending, they go into effect. people aren't going to be happy about that, and the president will be able to say, look, i begged them, i repeatedly said 98% of the american public, they wouldn't get a tax increase if we just took them out of the equation, let's pass legislation extending the bush tax cuts for everyone earning under $250,000 a year. they didn't do it. so, you know, he'll have some leverage on that in terms of the politics because politically, you know, the polls all are very consistent. the election results are pretty consistent. the american public is ready for a modest increase in taxes for the upper 2% of taxpayers. having said that, there's another issue that's coming up in february or march and that's raising the debt ceiling once again. the republicans have a lot of leverage on that right now because the white house, the administration will desperately want to raise that debt ceiling so the u.s. doesn't go into default. tha
cliff, tax rates go up not just for the rich but for the middle class, for everyone, all those cuts in domestic spending and naths security spending, they go into effect. people aren't going to be happy about that, and the president will be able to say, look, i begged them, i repeatedly said 98% of the american public, they wouldn't get a tax increase if we just took them out of the equation, let's pass legislation extending the bush tax cuts for everyone earning under $250,000 a year. they...
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before we get to all of that, the fiscal cliff. we start with president obama digging in his heels about raising taxes on the wealthiest. senior administration official telling "the wall street journal" there will be no new offers until republicans allow tax rates to go up on top earners. this morning, the president accusing the gop of brinksmanship while republican senator orrin hatch said democrats are asking for too much. >> it's unacceptable for some republicans in congress to hold middle class tax cuts hostage simply because they refuse to let tax rates go up on the weltiest americans. >> what he proposed this week was a classic bait and switch on the american people. a tax increase double the size of what he campaigned on. >> joining me now nbc white house news correspondent mike viqueira. what can you make of this? fiscal cliff talks are they a nonstarter? >> i tell you, you listen to everything that is being said publicly. you see the president there. it's clear that the election, yes, is over. but the campaign goes on here
before we get to all of that, the fiscal cliff. we start with president obama digging in his heels about raising taxes on the wealthiest. senior administration official telling "the wall street journal" there will be no new offers until republicans allow tax rates to go up on top earners. this morning, the president accusing the gop of brinksmanship while republican senator orrin hatch said democrats are asking for too much. >> it's unacceptable for some republicans in congress...
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. >> with no breakthrough today, fiscal cliff negotiations, could this be a starting point? "outfront" republican congressman james lankford of oklahoma, incoming chairman of the republican policy committee, the fifth ranking position in the house gop leadership. appreciate you're taking the time. what about this idea of racing taxes on everyone? the math works much better. >> i heard your lead in when you said this is a new idea. actually, it's not a new idea, there are several democrats who have floated that for a while. the code word is we want to go back to the clinton tax rates and talk about the clinton economy that we had a much more vigorous economy and growth and we should go back to the clinton tax rates. what that really means is all tax rates on all americans go back up because the tax rates were brought down in 2001 and 2003. i don't support that. i don't think that's a great idea. it would slow down the economy. >> when you look at economist's evaluations, it would slow down the economy. it would. there's no question about it. but if the problem is that we have
. >> with no breakthrough today, fiscal cliff negotiations, could this be a starting point? "outfront" republican congressman james lankford of oklahoma, incoming chairman of the republican policy committee, the fifth ranking position in the house gop leadership. appreciate you're taking the time. what about this idea of racing taxes on everyone? the math works much better. >> i heard your lead in when you said this is a new idea. actually, it's not a new idea, there are...
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the "news nation" is following where things regard right now with the fiscal cliff and there's hot rhetoric to go around. >> our members believe strongly that raising tax rates will hurt the economy. closing loopholes, especially on those who are wealthy, is a better way to raise this revenue. >> in order for us to raise the amount of revenue that's needed just by closing deductions and loopholes for high earners we'd have to, for example, eliminate or severely cap the char itible deduction. >> an obsession to raise taxes not going to solve the problem. what will solve the problem is doing something about the entitlements, taking on the wasteful spending in washington. >> and meantime, "the new york times" jonathan wiseman reports behind the scene republican leaders are considering the president's plan to extend middle class tax cuts now an address the debt and spending in the new year. here's republican senator tom coburn on "morning joe." >> actually, i would rather see the rates go up than the other way and greater chance to broaden the base in the future. >> do something, a down payment
the "news nation" is following where things regard right now with the fiscal cliff and there's hot rhetoric to go around. >> our members believe strongly that raising tax rates will hurt the economy. closing loopholes, especially on those who are wealthy, is a better way to raise this revenue. >> in order for us to raise the amount of revenue that's needed just by closing deductions and loopholes for high earners we'd have to, for example, eliminate or severely cap the...
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obama and the democrats get their way, doing the deal to avoid raising the rates and avoiding the fiscal cliff, where all tax cuts and brakes expire at the end of the year. that is an election, popular at the end of the year, certainly give president obama a lot of clout right now. you can disagree or agree with the policy. that is for you to decide. republican tom cole of oklahoma happens to disagree strongly. at the same time, he recognizes the political reality that all tax cuts will expire on january one, and no one wants to raise taxes on what would amount to 98% of all the taxpayers. >> in my view, we agree we're not going to raise taxes on people that make more than $250,000, we should just take them out of this discuss right now. continue to fight against any rate increases and continue to fight for a much bigger deal. >> congressman cole joins us, the staunchly conservative editorial page of "the wall street journal is on board now. president obama's re-election means that taxes for upper income earners are going up one way or another. the question is how republicans should hand
obama and the democrats get their way, doing the deal to avoid raising the rates and avoiding the fiscal cliff, where all tax cuts and brakes expire at the end of the year. that is an election, popular at the end of the year, certainly give president obama a lot of clout right now. you can disagree or agree with the policy. that is for you to decide. republican tom cole of oklahoma happens to disagree strongly. at the same time, he recognizes the political reality that all tax cuts will expire...
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we are distracted by the fiscal cliff. let there be a economic growth. interest rates would go up. interest rates will stay reasonably low. we should be glad that we have this economy. either we really go down the cliff or let some growth kick in and indeeddwhat happens, interest rates will go up. ultimately, inflation is the road we will be heading on. dagen: is there anything you can look at today that shows interest rates will go up? >> what we know now is that the federal reserve no longer focuses on inflation, but on employment. that is why the unemployment rate will be ever more important today. next year, the federal reserve will be even more starvation -- we are going to push growth at any cost: the cost being inflation. at some point, the market will take point. we are going to have a lot of turmoil. we do not have a european crisis. we are certainly a candidate. higher rates will be in it. dagen: higher by how much quick select you have 1.6% on the ten year period >> in recent years, everyone has felt warm and fuzzy. let volatility go back to normal time. you do not need
we are distracted by the fiscal cliff. let there be a economic growth. interest rates would go up. interest rates will stay reasonably low. we should be glad that we have this economy. either we really go down the cliff or let some growth kick in and indeeddwhat happens, interest rates will go up. ultimately, inflation is the road we will be heading on. dagen: is there anything you can look at today that shows interest rates will go up? >> what we know now is that the federal reserve no...
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obama and the democrats get their way, doing a deal to raise just those rates would avoid the fiscal cliff, where all bush era tax cuts on all tack tax brackets expire at the ends of the year. the election, popular opinion and more give president obama a lot of clout right now. and you can agree or disagree with the president's policy. that's for you to decide. republican congressmen tom cole of oklahoma disagrees stronsly. at the same time, he recognizes the political reality that all tax cuts will expire on january 1st and no one wants to raise taxes on what would amount to 98% of all taxpayers. >> in my view, we all agree that we're not going to raise taxes on people that make less than $250,000. we should just take them out of discussion right now. continue to fight against any rate increases, continue to try to work honestly for a much bigger deal. >> congressman cole joins us shortly. a rock rib conservative. chair of the national republican congressional committee, and he's no longer a lone voice in the wilderness. the staunchly conservative editorial page of "the wall street
obama and the democrats get their way, doing a deal to raise just those rates would avoid the fiscal cliff, where all bush era tax cuts on all tack tax brackets expire at the ends of the year. the election, popular opinion and more give president obama a lot of clout right now. and you can agree or disagree with the president's policy. that's for you to decide. republican congressmen tom cole of oklahoma disagrees stronsly. at the same time, he recognizes the political reality that all tax cuts...
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cliff. >> just 31 days until the deadline and our chief white house correspondent jessica yellin has more on where each side stands. >> randi, victor, democrats say tax rates have to raise on the wealthiest or there's no deal. but negotiations have to start with spending xuts. this is a case of who budges first. just when you thought campaign season was over -- >> if congress does nothing, every family in america will see their income taxes automatically go up on january 1st. >> president obama is back on the stump pressing republicans to cut a deal averting the fiscal cliff. >> that's sort of like the lump of coal you get for christmas. that's a scrooge christmas. >> reporter: republicans say they want their christmas, too, and blame the president for the deadlock. >> there's a stalemate. let's not kid ourselves. i'm not trying to make this more difficult. >> reporter: things got tense after treasury secretary geithner visited capitol hill thursday to present what republicans are calling an unreasonable proposal. it includes $1.6 trillion in new taxes. in part through raising rates
cliff. >> just 31 days until the deadline and our chief white house correspondent jessica yellin has more on where each side stands. >> randi, victor, democrats say tax rates have to raise on the wealthiest or there's no deal. but negotiations have to start with spending xuts. this is a case of who budges first. just when you thought campaign season was over -- >> if congress does nothing, every family in america will see their income taxes automatically go up on january 1st....
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each day toward the fiscal cliff is also another day closer to the country maxing out on its borrowing limit. president obama talked to business leaders today. >> the only thing that the debt ceiling is good for as a weapon is to destroy your credit rating. >> reporter: he's worried republicans may re newsto raise the country's debt ceiling to get their way on spending cuts and risk defaulting on the country's loans. >> that is a bad strategy for america. it's a bad strategy for your businesses. and it is not a game that i will play. >> reporter: republicans are pushing back. >> he's the president, not the emperorer. >> reporter: fiscal cliff negotiations have been at a stand still since monday when republicans proposed raising revenue by closing tax loopholes, not by raising rates on the rich as the president has insisted. >> we're not insisting rates just out of spite, but rather because we need to raise a certain amount of revenue. >> we can't just keep borrowing money, raising taxes, and expecting the problem to go away. >> reporter: house members headed home for a long weekend wit
each day toward the fiscal cliff is also another day closer to the country maxing out on its borrowing limit. president obama talked to business leaders today. >> the only thing that the debt ceiling is good for as a weapon is to destroy your credit rating. >> reporter: he's worried republicans may re newsto raise the country's debt ceiling to get their way on spending cuts and risk defaulting on the country's loans. >> that is a bad strategy for america. it's a bad strategy...
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cliff. that would allow tax rates to rise on everybody. then congress could come back after the new year and cut taxes on everyone but the wealthy. nbc's mike viqueira has the story. >> reporter: administration optimism for a deal. but only if republicans give in on raising rates for the wealthy. >> you think we'll get a deal by the end of the year? >> i do. the only thing that stands in the way of a deal right now is if a group of republican members decide they're going to block the deal because they want to extend tax cuts. we can't afford for the wealthiest 2% of americans. >> reporter: john boehner dug in. no rate rises on anyone. >> the president's idea of a negotiation is roll over and do what i ask. >> reporter: the opening bid brought the gop leaders by geithner is a nonstarter. >> i was flabbergasted. i looked at him and said, you can't be serious. >> reporter: included in the offer, $1.6 trillion in new revenue, twice what was on the table in last year's failed grand bargain, and $
cliff. that would allow tax rates to rise on everybody. then congress could come back after the new year and cut taxes on everyone but the wealthy. nbc's mike viqueira has the story. >> reporter: administration optimism for a deal. but only if republicans give in on raising rates for the wealthy. >> you think we'll get a deal by the end of the year? >> i do. the only thing that stands in the way of a deal right now is if a group of republican members decide they're going to...
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that were there when i was predz. >> with now break through today and the fiscal cliff negotiations, is this a starting point? "outfront" republican congressman james langford of oklahoma, incoming chairman of the republican policy committee, the fifth ranking position in the house gop leadership. good to see you, sir. appreciate you taking the time. what about this idea of raising taxes on everyone? the math actually in this case is much more promising. it works much better. >> right. i heard your lead-in on it, and you said this is a new idea floated by howard dean. ints a new idea. several democrats have floated that a while. the code word is going back to the clinton tax rates and talk about the clinton economy and we should go back to the clinton tax rates. what that means is all tax rates on all americans go back up because the tax rates were brought down in 2001 and 2003. so it's not new, and no, i don't support that. i don't think that's a great idea at all. it will slow down the economy. >> all right. the truth is when you look at economists' evaluations, it will slow down t
that were there when i was predz. >> with now break through today and the fiscal cliff negotiations, is this a starting point? "outfront" republican congressman james langford of oklahoma, incoming chairman of the republican policy committee, the fifth ranking position in the house gop leadership. good to see you, sir. appreciate you taking the time. what about this idea of raising taxes on everyone? the math actually in this case is much more promising. it works much better....
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president obama says no deal on the fiscal cliff. >> how does raising tax rates on the rich help the poor. that is what i don't get. true free market capitalism helps everybody. a rising tide lifts all boats. i'm laugrry kudlow we will be right back. two years ago, the people of bp made a commitment to the gulf. bp has paid over twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger. >> whow does taxing the rich hep the poor rise above poverty and get a job? let's talk to larry elder. he is the author of the great book, "dear father dear son". welcome back. how does taxing successful wealthy people help the poor get out of poverty. well for people who think like i think it doesn't make any sense. but understand something, that is not what this is all about. t
president obama says no deal on the fiscal cliff. >> how does raising tax rates on the rich help the poor. that is what i don't get. true free market capitalism helps everybody. a rising tide lifts all boats. i'm laugrry kudlow we will be right back. two years ago, the people of bp made a commitment to the gulf. bp has paid over twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best...
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beginning to pay down its debt and avoid going over the fiscal cliff is raising tax rates on the wealthiest americans. >> we're going to have to see the rates on the top 2% go up, and we're not going to be able to get a deal without it. >> reporter: if republicans agree to do that, the president told bloomberg television, he'll agree to serious spending cuts. republicans have offered to raise taxes on higher incomes by $800 billion, not by raising tax rates, but by eliminating some deductions and loopholes. during last year's budget showdown, the president said he wanted to do exactly that. >> what we said was give us $1.2 trillion in additional revenues, which could be accomplished without hiking tax rates, but could simply be accomplished by eliminating loopholes, eliminating some deductions and engaging in a tax reform process that could have lowered rates generally while broadening the base. >> reporter: but now the president does not. he says it will not raise enough revenue. >> it's not me being stubborn. it's not me being partisan. it's just a matter of math. >> reporter: amidst all
beginning to pay down its debt and avoid going over the fiscal cliff is raising tax rates on the wealthiest americans. >> we're going to have to see the rates on the top 2% go up, and we're not going to be able to get a deal without it. >> reporter: if republicans agree to do that, the president told bloomberg television, he'll agree to serious spending cuts. republicans have offered to raise taxes on higher incomes by $800 billion, not by raising tax rates, but by eliminating some...
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it is because of the fiscal cliff, not because of the fiscal cliff, the fiscal clip could be play no role in this whatsoever. move on. fory's 30 mortgage rate rising to 3.34% and senator jim demint beating the senate to lead the heritage foundation. back in a moment. i ed to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares bylackrock. call 1-800-ishes for a prosctus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. every human being is unique. and there is one store that recognizes it. the sleep nuer store. the only place in the world you'll find the extraordinarily comfortable sleep number experience. an exclusive collection of innovations that totally individualize your sleep. perfectly comfortable pillows that adjust to your size and shape. temperature-balancing bedding. dual warmth comforter
it is because of the fiscal cliff, not because of the fiscal cliff, the fiscal clip could be play no role in this whatsoever. move on. fory's 30 mortgage rate rising to 3.34% and senator jim demint beating the senate to lead the heritage foundation. back in a moment. i ed to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their...
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. >> to go over this fiscal cliff because republicans won't raise tax rates on the wealthiest 2% of american would subject the average american to big tax increase and enormous damage from the other cuts that would happen. there is no reason why the country has to go through that. bill: the focus is all on taxes and tax rates and not on spending. how can you be serious when you want to raise $1.6 trillion in taxes at a time when growth is around 2? >> that's the point i was making. they complain about want to go cut spending but they made no offer to cut spending. when the president talked about cutting spending, when they talk about defense spending what happens? they attack him. for the entire campaign all we heard about was how obama wanted to cut medicare. so which is it? i it he cut too much or he doesn't cut anything? and where is there offer? if they say they are the party of cutting spending stop talking about the democrats, make an offer. >> mitch mcconnell is out there every single day saying these are the entitlement changes that i think make sense and would get us to a deal. rais
. >> to go over this fiscal cliff because republicans won't raise tax rates on the wealthiest 2% of american would subject the average american to big tax increase and enormous damage from the other cuts that would happen. there is no reason why the country has to go through that. bill: the focus is all on taxes and tax rates and not on spending. how can you be serious when you want to raise $1.6 trillion in taxes at a time when growth is around 2? >> that's the point i was making....
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>> yeah. >> blake, if there is a deal to avoid the so-called fiscal cliff, could these jobs numbers get considerable better? >> i think so, but it's funny. the republicans are in a bit of a box here. their motivation is to say it's not so good. a lot of jobless people out there. we have a real problem. meanwhi meanwhile, we have fiscal cliff negotiations where the president wants stimulus mechanisms including an extension of unemployment insurance. they're like a doctor who diagnosed you with a severe ill sxns won't sign the precipitation to give you the medicine. they emphasize the joblessness problem, and they don't want to give you unemployment insurance and tell that to someone laid off sleeping in their car. >> with these jobs numbers, had hurricane sandy not struck how better would this report have been? >> a lot of this was construction job weakness. clearly, that will rebound. one of the unfortunate upsides of natural disaster is that you do, whether the states or federal governments do it or insurance companies, you have a lot of infrastructure spending as people rebuild from t
>> yeah. >> blake, if there is a deal to avoid the so-called fiscal cliff, could these jobs numbers get considerable better? >> i think so, but it's funny. the republicans are in a bit of a box here. their motivation is to say it's not so good. a lot of jobless people out there. we have a real problem. meanwhi meanwhile, we have fiscal cliff negotiations where the president wants stimulus mechanisms including an extension of unemployment insurance. they're like a doctor who...
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cliff. in just a few days at the end of the year. in their first discussions yesterday after a week's hiatus we are told there were no signs of progress and even a hardening of positions. in fact, earlier president obama discussed the stalemate with middle-class families. >> for them to be burdened unnecessarily because the democrats and republicans aren't coming together to solve this problem gives you a since of the costs involved in very personal terms. >> he showed what he is really after is assuming unprecedented power to spend taxpayer dollars without any limit at all. >> the major sticking points continue to be how to handle tax rates for wealthy americans, and also, what to do about reducing spending on entitlement programs like social security and medica medicare. >> aide between the president and the speaker of the house met and the talks basically went nowhere. according to one of the president's aide he said higher taxes of course on the wealthy. a deal must include permanent ext
cliff. in just a few days at the end of the year. in their first discussions yesterday after a week's hiatus we are told there were no signs of progress and even a hardening of positions. in fact, earlier president obama discussed the stalemate with middle-class families. >> for them to be burdened unnecessarily because the democrats and republicans aren't coming together to solve this problem gives you a since of the costs involved in very personal terms. >> he showed what he is...
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this is a so-called fiscal cliff. january 1st. our news makers representative jim clyburn of south carolina, number three democrat in the house of representatives and number one i'm sure to a lot of people. hello. how are you? >> hey, don. thank you so much for having me. >> thanks for coming on. is speaker boehner right, though? as the clock is ticking, ticking toward january 1st, the talks haven't progressed in two weeks. is he right? >> well, i don't know that i'm as disappointed as the speaker is right now. i understand some of his problem with this. but the fact of the matter is the american people ended elections on november 6th, voiced their approval of president obama's approach to this. over 3 million more people voted for him than voted for mr. romney. and then if you look at house democr democrats. only 201 of us got eelected. that means the rest were republicans. >> i understand that. >> but over 500,000 more votes than they got -- >> with all due respect, representative, we understand that the president won and you fe
this is a so-called fiscal cliff. january 1st. our news makers representative jim clyburn of south carolina, number three democrat in the house of representatives and number one i'm sure to a lot of people. hello. how are you? >> hey, don. thank you so much for having me. >> thanks for coming on. is speaker boehner right, though? as the clock is ticking, ticking toward january 1st, the talks haven't progressed in two weeks. is he right? >> well, i don't know that i'm as...
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cliff. the president says the latest republic offer is out of balance because it extends tax cuts on income of above $250,000. g.o.p. leaders claim they can raise revenue without raising rates by closing loopholes and limiting deductions. but the white house says it's about the rates. ed henry is at the white house tonight. the president claims the republic math does not add up. >> that's right, shep. he met with the nation's governors today. he said behind closed doors that there is a lot at stake not just for the national economy but state by state. some of their budgets could take a major hit if, in fact, the nation goes off the so-called fiscal cliff. his spokesman jay carney was even tougher in going after speaker john boehner's latest proposal in saying it simply doesn't add up. >> we don't know who pays. we don't know what we're talking about in terms of actual legislation to increase revenues. it's magic beans and fairy dust. >> the bottom line is the president and speaker boehner ha
cliff. the president says the latest republic offer is out of balance because it extends tax cuts on income of above $250,000. g.o.p. leaders claim they can raise revenue without raising rates by closing loopholes and limiting deductions. but the white house says it's about the rates. ed henry is at the white house tonight. the president claims the republic math does not add up. >> that's right, shep. he met with the nation's governors today. he said behind closed doors that there is a...
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. >>> secretary geithner is up on capitol hill to lead negotiations on the fiscal cliff talks. >> you're not going to grow the economy if you raise taxes on the top two rates. that's not the right approach. >>> string of nasty storms barreling into the west coast. powerful winds have started knocking out power. >> just need to get to the other side of town. i don't have a choice. >> picked a bad day to do it? >> yeah. >> u.s. embassy in cairo is closed. the entrance is blocked by protesters as clashes erupt nearby. >> zebra and s hechlt tland pony ran wild through the streets of new york city. they apparently escaped from a petting zoo. >>> nypd says actress lindsay lohan has been raefed and charged with assault. >> three, two, one. >> only nbc would make a television event out of plugging something in. >> all that -- >> oh, humphries and rondo get into it. officials trying to get control here. >> don't tell me what i think. when i said i didn't have a problem, i don't have a problem. got it? >> and all that matters. >> president obama plans to play host to his old political rival, mitt
. >>> secretary geithner is up on capitol hill to lead negotiations on the fiscal cliff talks. >> you're not going to grow the economy if you raise taxes on the top two rates. that's not the right approach. >>> string of nasty storms barreling into the west coast. powerful winds have started knocking out power. >> just need to get to the other side of town. i don't have a choice. >> picked a bad day to do it? >> yeah. >> u.s. embassy in cairo is...
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if republicans and not agree to that, is the administration prepared to go over the fiscal cliff? >> absolutely. there is no room for an agreement that the not involve the rates going up for the top 2%. >> speaking to a roundtable of corporate executives in washington, president obama said republicans' aid to examine the reality that tax rates will rise for the wealthiest americans. >> we have seen some movement in the last several days with some republicans. there has been a recognition that, maybe, they can accept some rate increases as long as is combined with a serious impediment reform and additional spending cuts. and if we can get the leadership on the republican side to take that kramer, to acknowledge that reality, then the numbers are actually not that far apart. another way of putting this is, we could probably solve this in about one week. it is not that tough. >> new details have been revealed in the retail giant kermit factory where 120 dacre workers died in a fire last month. "the new york times" is reporting that wal-mart played a key role in blocking the improveme
if republicans and not agree to that, is the administration prepared to go over the fiscal cliff? >> absolutely. there is no room for an agreement that the not involve the rates going up for the top 2%. >> speaking to a roundtable of corporate executives in washington, president obama said republicans' aid to examine the reality that tax rates will rise for the wealthiest americans. >> we have seen some movement in the last several days with some republicans. there has been a...
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. >>> back to our conversation on the so-called fiscal cliff. the debt reducing tax hikes and federal spending cuts coming january 1st unless congress and the president act. so now both sides have offers on the table, the democrats' plan which would focus debt reduction on higher tax rates for the wealthiest 2%. house republicans, they anted up yesterday with a plan to cut the debt through tax code and spending reforms, not through higher tax rates for the wealthy. if there is no agreement, you know the deal, everyone, everyone's taxes go up. representative tom price of georgia joins me now from capitol hill. he is a hard line republican. congressman, good to see you. thanks for coming on. >> yes, thank you so much. good to be with you. >> the republican plan published yesterday, it is note worthry, congressman price, it would raise more money through the tax system this and is a pretty big departure for your republican party. i just want to know, do you support this proposal put forward by the speaker of the house? >> well, this proposal is jus
. >>> back to our conversation on the so-called fiscal cliff. the debt reducing tax hikes and federal spending cuts coming january 1st unless congress and the president act. so now both sides have offers on the table, the democrats' plan which would focus debt reduction on higher tax rates for the wealthiest 2%. house republicans, they anted up yesterday with a plan to cut the debt through tax code and spending reforms, not through higher tax rates for the wealthy. if there is no...
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fiscal cliff? guest: if we go off the cliff, the rate will go up to 39.6%. the low bracket will go away and the lowest tax bracket will be 15% if we go off the cliff. 15% to 39.6% if we go off the cliff. caller: what about the other rates? host: we have a question on twitter. guest: you don't pay taxes on losses. a you're making profits and picture up over $250,000, that could result in a tax increase that kicks you over $250,000. caller: we need jobs in this country. i hear all this money being talked. the average worker -- i am lucky i get 30 hours. they're cutting down to 20 hours at wal-mart. i had a good manager. i notice a woman comes in. she says we can get anybody to work. you talk about the tax credits. most of us have no chance of getting anything like that. this is too low republicans and democrats. fascism and communism, it was always party first. that's what our country has come to. we have to come together as true conservatives and true democrats and come together. guest: one of the b
fiscal cliff? guest: if we go off the cliff, the rate will go up to 39.6%. the low bracket will go away and the lowest tax bracket will be 15% if we go off the cliff. 15% to 39.6% if we go off the cliff. caller: what about the other rates? host: we have a question on twitter. guest: you don't pay taxes on losses. a you're making profits and picture up over $250,000, that could result in a tax increase that kicks you over $250,000. caller: we need jobs in this country. i hear all this money...
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Nov 29, 2012
11/12
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cliff unless both sides agree to raise rates on the wealthiest. that means raise tax rates for top earners. the reason that this is news is because there's been discussion publicly that perhaps they could find a rev new agreement where it would just involve capping deductions or maybe they could get to revenue just through tax reform, and with this piece of detail from that phone call yesterday, it would seem that the democrats, the president personally, is drawing a line saying those other ways are not enough. his campaign message that the top earners have to pay more, he is sticking to that line many these negotiations. >> jess, do we know how the republicans responded to this red line? >> well, speaker boehner was frustrated, wrovl, and came out with -- in his press conference today basically accusing the president of not leading on the issue. both sides are calling for the white house to come forward with spending cuts first, tell us where you are going to cut spending, before we, the republicans, will say whether we'll go along with you on ta
cliff unless both sides agree to raise rates on the wealthiest. that means raise tax rates for top earners. the reason that this is news is because there's been discussion publicly that perhaps they could find a rev new agreement where it would just involve capping deductions or maybe they could get to revenue just through tax reform, and with this piece of detail from that phone call yesterday, it would seem that the democrats, the president personally, is drawing a line saying those other...